FLOWER MOUND, Texas, Jan. 17 /PRNewswire-FirstCall/ -- American HealthChoice, Inc. announced today that net income for the fiscal year ended September 30, 2005 totaled $610,000 compared to a loss of $1.5 million in the fiscal year ended September 30, 2004.
Patient billings for the twelve months ended September 30, 2005, increased to $11 million compared to $9.7 million for the same period in 2004, a 22 percent increase, excluding the New Orleans clinic billings. That facility was sold in September 2004. Operating income for the period ended September 30, 2005 totaled $763,000 compared to $133,000 for the same period the previous year.
"We are very pleased to announce positive net income, to see a significant increase in patient billings, and to report to our shareholders that our balance sheet continues to strengthen," said Dr. J.W. Stucki, American HealthChoice Chairman and CEO. "Our strategy for the current fiscal year includes adding two affiliated clinics per month in geographic locations that make financial sense."
About American HealthChoice:
American HealthChoice is a medical services company comprised of a parent company and forty-three owned and affiliated medical clinics in Texas, Kansas and Tennessee.
Safe Harbor Statement: The statements in this release that relate to future plans, expectations, events, performance, and the like are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. Actual results or events could differ materially from those described in the forward-looking statements due to a variety of factors, including those set forth in the company's report on Form 10-KSB for fiscal year 2005 filed with the Securities and Exchange Commission on January 13, 2006.
CONTACT: Dr. J.W. Stucki, CEO American HealthChoice, Inc. 972/538-0122 x203 Paul Knopick E & E Communications 949/707-5365 pknopick@eandecommunications.com American HealthChoice, Inc. Condensed Consolidated Statements of Operations (Unaudited) Twelve months ended September 30, 2004 2005 Patient billings $9,741,000 $11,095,000 Allowance for discount on billings 4,478,000 4,597,000 Net patient billings 5,263,000 6,498,000 Commissions and equipment rental fees -- 81,000 Net revenues 5,263,000 6,579,000 Operating expenses 5,130,000 5,816,000 Operating income 133,000 763,000 Bad debt expense (1,525,000) -- Other Income (expense), net (106,000) (153,000) Net income (loss) $(1,498,000) $610,000 Basic and diluted net income (loss) per share $(0.01) $0.01 Weighted average common shares outstanding 104,812,000 108,205,000 Condensed Consolidated Balance Sheet (Unaudited) September 30, 2005 Cash $9,000 Accounts receivable, net 5,892,000 Other current assets 249,000 Total current assets 6,150,000 Property and equipment, net 468,000 Goodwill, net 1,349,000 Total assets $7,967,000 Notes payable and capital lease obligations $248,000 Acquisition note payable including accrued interest 1,165,000 Bankruptcy claims 210,000 Accrued payroll taxes and penalties 638,000 Obligations to related parties 1,419,000 Accounts payable and accrued expenses 737,000 Total current liabilities 4,417,000 Stockholders' equity 3,550,000 Total liabilities and stockholders' equity $7,967,000
American HealthChoice, Inc.CONTACT: Dr. J.W. Stucki, CEO of American HealthChoice, Inc.,+1-972-538-0122, ext. 203; or Paul Knopick of E & E Communications,+1-949-707-5365, pknopick@eandecommunications.com, for AmericanHealthChoice, Inc.
